From CNBC: 2025-04-24 12:33:00

The spring housing market in the U.S. is off to a weak start due to higher mortgage rates and economic concerns. Sales of previously owned homes fell 5.9% in March to 4.02 million units, the slowest pace since 2009. Sales dropped across all regions, with the West experiencing the largest decline.

Despite a sharp increase in available listings, home sales continued to slump in March. The median price of existing homes sold was $403,700, up only 2.7% from last March. First-time buyers made up 32% of the market, while all-cash sales dropped to 26%.

NAR’s chief economist, Lawrence Yun, expressed concerns about affordability challenges associated with high mortgage rates. With canceled contracts on the rise in March and stock market volatility in April, the housing market is expected to face further challenges ahead.

Household wealth in residential real estate has reached new heights, with real estate asset valuation at $52 trillion. Despite the sluggish housing market, investors held steady at 15% of sales, while first-time buyers accounted for 32% of the market in March.



Read more at CNBC: March home sales drop to slowest pace since 2009